Okay, get your antenna ready. And smell the BS. There are so many lying listings out there, especially in foreclosure and short-sale. Some listing agents don't even know what's inside the property until you tell 'em. This is especially true with foreclosures and short-sale.
This description of 'lying-listing' from Bankrate.com just nailed it: "Most homebuyers have encountered a "lying listing" -- the house for sale that doesn't even remotely resemble its colorful description in the Multiple Listing Service or classified ad."
Yes, Realtors are desperate to sell homes in a stagnant market with mounting inventories. But descriptions of houses these days can be flat-out inaccurate."
We routinely run into transactions now where the listing agent hasn't physically been in the house," Boyd says.
This is especially true in short sales and foreclosures, he says.
"On foreclosures, the bank that's in another state will often pick a low-bid real estate company that is in a different community than the house is," Boyd says.
"The bank hires a property management company to put a lock box on it and the real estate company writes up their description based on whoever they sent to take a few photos of it."
Because most agents represent buyers and sellers, they know how to write -- and how to translate -- the code words."
- emphasis added
S-t-r-e-t-c-h-i-n-g it, would be pretty accurate in today's market..
This translation guide will help you go past the smell test. (compiled by the National Association of Exclusive Buyer Agents to help their agents go past the listings BS.) It's so true and hilarious!
- Grandma's house: Realtors interpret this to mean a) the house hasn't been updated since Grandma moved in or b) it still smells like Grandma.
- Great potential: The operative word here is "potential." The "potential" in one case pointed to the fact that there was a large crack through the center of the foundation caused by an earthquake.
- Light and bright: Bring your sunglasses because everything in this baby will be white: walls, cabinets, tile. Where have you seen this before? Oh yeah, the hospital.
- Meticulously maintained: It could mean the owners never bothered to update the property. Maintenance is admirable for plumbing and HVAC, not so much for cabinets, carpets and windows.
- Mile to the beach as the seagull flies: And you'll wish you had wings. Those straight-line calculations can mean some pesky traffic lies between you and the lifeguard shack.
- Needs TLC: You may freely substitute "OMG" for "TLC" here. Boyd says the phrase "TLC" often means the house has been abused and requires more than mere redecorating. "The average homebuyer who sees HGTV a couple times before they go looking is not sensitive to that," he says.
- Newer furnace and AC: "Newer" has a certain "truthiness" to it. In one case, both units were 25 years old. When the listing agent was asked why she made such an audacious claim, she replied, "Because each one of them had received a new part within the last year."
- Retro decor: It's '60s flashback time. Can you dig the original paisley vinyl floors and avocado appliances, man? Groovy!
- This house just had a total facelift: Loosely translated, it means the seller painted everything. But paint, like a facelift, can only hide so much.
- This house will go fast: Might have been believable in the first 30 days on the market, but not anymore. One home with this description had been on the market 247 days.
- Turnkey: Meaning they don't want to have to haul away all that orange-and-brown-plaid-polyester-covered furniture.
- Very bright, sunny home : Often true because there's not a tree in sight.
- Water view: Of course, you'll need to stand on the upper deck railing and crane your neck. With binoculars. On an extremely clear day.
[via bankrate.com]
I love it when I see the remark on a listing that says, "this house will go fast.." You looked at the days on the market - s%^&, it's more than 60 days!! And the funny thing is, the listing agent don't even bother to 'update the remarks.'What about this. This house has been remodeled. Remodeled means different thing to different people. The listing says 'sellers just remodeled the house"' could mean to you "they painted and replaced the appliances.. like 3 years ago?".. And don't even look for granite there. (Don't even go there). People remodeling standard might be 'different' than what you have in mind.
So, what's your favorite?
